{"id":58482,"date":"2019-12-09T13:09:14","date_gmt":"2019-12-09T13:09:14","guid":{"rendered":"https:\/\/www.zameen.com\/blog\/?p=58482"},"modified":"2020-01-28T11:55:57","modified_gmt":"2020-01-28T11:55:57","slug":"provinces-offer-pkr-202-bn-surplus-cashback-centre","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/provinces-offer-pkr-202-bn-surplus-cashback-centre.html","title":{"rendered":"Provinces offer PKR 202 bn surplus cashback to centre"},"content":{"rendered":"

Islamabad: The country\u2019s state authorities have issued a PKR 202 billion cash surplus generated in the first quarter of the current fiscal year (FY2019-20) to the federal government, according to news sources. As per officials, the provincial governments provided this aid to the central executive in order to facilitate it in meeting the fiscal targets set by the International Monetary Fund (IMF)<\/a>.<\/p>\n

According to details, the provinces offered more than one-fourth of the funds assigned under their total revenue share out of the federal divisible pool. And by so doing, the provinces over-performed by refunding a cumulative refund of PKR 202 Billion (almost 48%) in a quarter against an annual benchmark of PKR 423 billion, set for FY2019-20.<\/p>\n

Read:\u00a0<\/strong>IMF to release USD 500 mn as 2nd loan instalment: Hafeez Sheikh<\/a><\/p>\n

As per the data released by the finance ministry, the cumulative revenues available to the provinces amounted to PKR 791 billion (including joint share of PKR 612.5 billion out of federal revenues and PKR 104.5 billion collected in provincial taxes). The provinces spent only PKR 589 billion (including PKR 70.6 billion spend in development schemes) and returned the PKR 202 billion.<\/p>\n

This constrained spending behaviour is to comply with IMF conditions and show a strong commitment to support the government\u2019s efforts and improve the quality and efficiency of public spending.<\/p>\n

Read:\u00a0<\/strong>Govt, IMF agree to slash FBR’s tax collection target<\/a><\/p>\n

The government has given a written undertaking to the IMF; declaring that fiscal consolidation and revenue expansion strategies would be an essential aspect of its fiscal strategy.<\/p>\n","protected":false},"excerpt":{"rendered":"

Islamabad: The country\u2019s state authorities have issued a PKR 202 billion cash surplus generated in the first quarter of the current fiscal year (FY2019-20) to the federal government, according to news sources. As per officials, the provincial governments provided this aid to the central executive in order to facilitate it in meeting the fiscal targets set by the International Monetary Fund (IMF). According to details, the provinces offered more than one-fourth of the funds assigned under their total revenue share out of the federal divisible pool. And by so doing, the provinces over-performed by refunding a cumulative refund of PKR 202 Billion (almost 48%) in a quarter against an annual benchmark of PKR 423 billion, set for FY2019-20. Read:\u00a0IMF to release USD 500 mn as 2nd loan instalment: Hafeez Sheikh As per the data released by the finance ministry, the cumulative revenues available to the provinces amounted to PKR 791 billion (including joint share of PKR 612.5 billion out of federal revenues and PKR 104.5 billion collected in provincial taxes). The provinces spent only PKR 589 billion (including PKR 70.6 billion spend in development schemes) and returned the PKR 202 billion. This constrained spending behaviour is to comply with IMF…<\/p>\n","protected":false},"author":75,"featured_media":34938,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[],"tags":[14342],"persona":[],"class_list":{"0":"post-58482","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"tag-details-on-provinces-offer-pkr-202-bn-surplus-cashback-to-centre"},"acf":[],"yoast_head":"\nProvinces offer PKR 202 bn surplus cashback to centre - Zameen News<\/title>\n<meta name=\"description\" content=\"Islamabad: The country\u2019s state authorities have issued a PKR 202 billion cash surplus generated in the first quarter of the current fiscal year\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zameen.com\/news\/provinces-offer-pkr-202-bn-surplus-cashback-centre.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Provinces offer PKR 202 bn surplus cashback to centre - 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